Dagsvik (2008) has recently extended Debreu's (1958) famous representation theorem for stochastic choice to the domain of lotteries. Dagsvik provides conditions under which there exists a linear utility function such that the probabilityof choosing one alternative over another is represented by...

This paper identifies the globally stable conditions under which an individual facing the same choice in many subsequent times learns to behave as prescribed by the expected-utility model. To do so, the analysis moves from the relevant behavioural models suggested by psychology (i.e., weighted...

Decision under risk is one of the most important topics in economics. The underlying assumption of traditional theory models suggests that weighting function and value function are independent, i.e., value functions are constant under any risk, and weighting functions are constant under any...

For choice with deterministic consequences, the standard rationality hypothesis is ordinality, i.e., maximization of a weak preference ordering. For choice under risk (resp. uncertainty), preferences are assumed to be represented by the objectively (resp. subjectively) expected value of a von...